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fast casualwear ag (FCA) Details

FAST Casualwear AG, together with its subsidiaries, designs, produces, and sells footwear, apparel, and accessories for male and female customers in the People’s Republic of China. It operates through FAST Brands and Others segment. The company offers casual footwear, including fashion shoes, sneakers, canvas shoes, sandals, slippers, slip-ons, and boots; and casual apparel, such as coats, jackets, sweaters, T-shirts, shirts, jeans, trousers, and shorts, as well as accessories comprising bags, scarves, caps, and belts under the FAST brand. It also designs and produces footwear as contract manufacturer for international brands primarily in Europe and the United States. The company sells its products through regional distributors who sell the products via retail outlets, as well as through department stores. FAST Casualwear AG is based in Hamburg, Germany.

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FAST Casualwear AG Revises Earnings Guidance for the Year 2014

Aug 27 14

FAST Casualwear AG announced revised earnings guidance for the year 2014. For the 2014 financial year will be significantly lower than planned due to changing market conditions. This will eventually have a negative impact on the financial position. In its annual report in April 2014, the company has forecasted the sales growth would be 15% - 20%, earnings before interest and taxes would be 16% - 19%. These forecasts must now be revised downwards. The company now expects that in 2014 the revenue is expected to decrease by 25% -30% compared to 2013. The margin before interest and taxes is forecasted 8% -10%.

By notice dated 28.07.2014, Mr. Chong Wing-Chi resigned from his position as executive board member of Fast Casualwear AG with immediate effect due to urgent health issues. Hereafter, Mr. Zhang Wenya is the sole executive board member and will conduct the company's business.

FAST Casualwear AG reported consolidated earnings results for the first quarter ended March 31, 2014. For the quarter, the company reported that profit before income tax was EUR 7,208,000 against EUR 4,301,000 a year ago. Profit attributable to owners of the parent was EUR 5,399,000 against EUR 5,716,000 a year ago. Earnings per share were EUR 0.47 against EUR 0.29 a year ago. Net cash generated from operating activities was EUR 2,318,000 against EUR 19,172,000 a year ago. Acquisition of property, plant and equipment was EUR 4,728,000 against EUR 18,640,000 a year ago.

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